The roughly 6% drop in May is Bitcoin's first monthly retreat of 2023. A gauge of the top 100 digital assets has dropped by a similar magnitude.
The largest crypto coin bounced 84% from the turn of the year through mid-April, briefly scaling $31,000, but the climb has since fizzled to 67%. Ebbing liquidity and restrictive monetary policy have curbed enthusiasm for crypto.
Crypto geeks had seized on the collapse of US regional banks in March as validating a distrust of fiat currency, sparking gains for Bitcoin, but that proved to be a temporary prop as officials steadied the financial sector.
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